Lumen OHM Assessment

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Your business partner wants to save money by using the financial statements prepared by your CPA for tax purposes to manage inventory levels and to control costs. What is your best argument to hire a managerial accountant instead?

Managerial accounting and financial accounting are identical, and therefore the managerial accountant can prepared the year end financials.
Having a managerial accountant on board will significantly reduce overall costs and increase revenues.
Managerial accounting is a completely different system and utilizes different books and accounting records, and therefore demands an independent department.
Year-end financials do not give current, relevant information for planning, directing, and controlling current operations.